There comes a point in a business’ growth when it no longer makes sense for highly skilled creatives or business folk to be sitting there plugging in the details of each bus fare or box of staples purchased for the business. Your time is better spent designing product or winning business. If this feels like the stage you’re at you probably have a few questions before delegating the task, such as:
- How do you know when to make the change?
- Where do you go looking for a book-keeper?
- What might it cost per month?
Equally if you’re self employed and have a tax return looming you might want to consider getting a book-keeper to give your finances the once over and check that everything is in order? A book-keeper probably won’t give you the same level of advice that an accountant can as to the eligibility of some of your expenses etc but they can tell you if you’re processes are appropriate, if your headings & nominal codes make sense and so forth.
When? There a few indicators that the time has come to start considering hiring a specialist bookkeeper: if you used to be disciplined at doing the accounting books regularly but now it gets put off because you’re busy; if the business finances are getting more complex because you have payroll to do or multiple currencies to manage; if your cash flow requires more careful management because order values are increasing.
Who? – You can get a referral by word of mouth or advertise for a book keeper directly, or you can go through some form of agency. The former two are probably cheaper but the latter implies a level of control and responsibility being taken by the agency for the book keepers they deploy. Of course you want someone who is familiar with your bookkeeping (the software or method, if not your idiosyncrasies!). Boogles by the way are familiar with MyCake and we’ve had folks from The Local Bookkeeper look around the site from time to time too. You want someone who understands the financial challenges of the sector you work in but who brings specialist skills to bear and in an ideal world can help you interpret the information as well as input it (but you might just settle for inputting).
How much? Well as a point of comparison Boogles charge between £22 and £25 per hour and the folks we know of are spending between £75-£300 a month depending on the scale and complexity of the business.
Of course if you’re not at that stage yet what you might want to do is hire a book-keeper on a one off basis to help you set up your systems correctly and perhaps do a health check once every 6-12 months. Boogles & MyCake are joining forces to offer MyCake users just such a service. Drop us a line if you’d like to chat about it.